Oro’s new investors buy half the votes and a minority economic stake

The new investors in Oro Mobility Holdings LLC acquired 50% of its voting rights and approximately 15.86% of its economic rights, before management-incentive dilution. Hertz’s 20 October filing says each side can appoint three directors.[1]

The cash does not all arrive through one transaction. Investors bought the units from Hertz on 19 October for about $80.89m. Before that purchase, Hertz transferred assets and approximately $60.03m in cash into Oro.[1]

Hertz also agreed to lease or sublease fleet vehicles to Oro, with payments around $13.7m a month and an average term of 4.5 years.[1]

Oro’s autonomous work was described in April’s Uber partnership: it would support a programme combining Lucid vehicles and Nuro driving technology, handling jobs such as depot staffing and maintenance. The announcement also described a driver-led operation already active in US markets.[2]

This separates investment in the operating company from ownership of vehicles and supply of driving software.[1][2]

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